Recently the student newspaper at Cleveland State University asked students to talk about their thoughts on student debt and increasing tuition costs. A lot of them thought education should be free and saw government involvement as a good thing. However; I see government involvement as part of the problem.
The student loan crisis is a direct effect of government involvement in higher education. Some people see student loans as a good thing but I see it as a burden on students. Although these loans help make college more affordable for some students it creates slaves out of most. As a result of government guaranteed loans to students, colleges have increased tuition significantly since the 1980’s. Students now have all this money to cover tuition costs but will be left in debt when they graduate.
Today student loan debt in the U.S. is over $1 trillion dollars and many ask what we can do to fix this ever increasing problem. The problem cannot be fixed without looking at the root of the problem. The government more often than not has been and is the problem. When government gets involved in anything it usually doesn’t turn out good.
Basic economics shows that because government has poured all this financial aid money into college the demand has become higher for people to go to college and as a result prices have gone up significantly. However; even though the government is part of the cause of student debt, individuals are ultimately responsible for the choices they make in life. Individuals choose to go to college and choose to take out loans to help pay for their education.
No one knows what the future holds but this problem will truly impact the economy in years to come.
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